Additional Equity in House

[Grandpa0594]

What is the name of your state? I live in Wisconsin. Three years ago I was having financial problems so I ended up selling my house to a company for the price of the mortgage and was allowed to stay in the house, pay rent (supposedly less than my mortgage payment), and within three years I would be able to repurchase the house. The mortgage was half of what the fair market value of the house was. I know now I was a fool. What I didn't see in the contract was that I was to actually pay more than my monthly mortgage payments were and rather than this company paying off my mortgage, the company had the mortgage assigned to them. I found out recently that this "company" was actually a front for a guy that has between 70 or 80 various "companies", mostly Sole Proprietorships and trusts, in three different states, and I was just one of dozens he ran the same scam on. Shortly after the sale he moved the mortgage to one of his "companies" and the deed to another and began a foreclosure between the two in an attempt to strip me off my option to repurchase. A year AFTER the sale of the house, because of the larger rent payments I was forced to file bankruptcy. After the bankruptcy this guys phony foreclosure was dismissed because the judge ruled the mortgage and the deed merged. Now the bankruptcy courts are going after this guy claiming he fraudulantly obtained the house. I will be testifying for the bankruptcy court. They want the house back free and clear. My question is, if there is only $70,000 worth of debt owed, and the house is valued at $250,000, plus I understand there is a $40,000 homestead exemption, what happens to all the remaining equity in the house?What is the name of your state?

[Ladynred]

You should get the exemption amount, and the remaining profits AFTER all your creditors are paid, all the admin fees are paid, and after the Trustee gets his/her cut.